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Currency Wars: The Making of the Next Global Crisis

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Currency Wars: The Making of the Next Global Crisis Cover

ISBN13: 9781591844495
ISBN10: 1591844495
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.

Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.

While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

Review:

"In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, 'Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves.' He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.

Synopsis:

The sequel to national bestseller Currency Wars predicts the next collapse of theand#160;monetary system and shows investors how to survive it

The international monetary system collapsed three times in the past hundred yearsand#151;in 1914, 1939, and 1971and#151;and the next collapse is already in sight. This time the dollar wonand#8217;t save us. In fact, the dollar itself will be the cause of the crisis.

Central bankers and the head of the IMF candidly admit that monetary policy is in unchartered waters. The world is witnessing no less than a global money experiment. Savers, investors, and everyday citizens are the guinea pigs in the central bankersand#8217; laboratory.

Bestselling author James Rickards explains why money and wealth have now become separated. Money is transitory, ephemeral, and may soon be worthless if central bankers continue on their current path. Wealth is permanent, tangible, and has real value worldwide. Gold, fine art, and land are forms of wealth. Investors who convert paper money into real wealth will survive the coming monetary maelstrom. But those who do not will lose what they have.

Rickards illuminates the death of money unfolding before our eyes, and helps readers prepare before itand#8217;s too late.

and#147; Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.and#8221; and#151;and#160;Fort Worth Star-Telegram

and#147; One of the scariest books Iand#8217;ve read this year . . . The picture that emerges is dark yet comprehensive and satisfying.and#8221; and#151;and#160;Bloomberg BusinessWeek

and#147;One of the most urgent books of the fall.and#8221; and#151; Politico

Synopsis:

How the worldwide currency war, already under way, will soon affect us all.

The debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are unmistakable signs that we are experiencing the start of a new currency war. Fought as a series of competitive devaluations of one country's currency against others, currency wars are one of the most destructive and feared outcomes in international economics. Left unchecked, the new currency wars could lead to a crisis worse than the panic of 2008.

Drawing on a mix of economic history, network science, and sociology, Currency Wars provides a rich understanding of the increasing threats to U.S. national security, from dollar devaluation to collapse in the European periphery, failed states in Africa, Chinese neomercantilism, Russian adventurism, and the current scramble for gold.

James Rickards, an expert who has worked at the highest levels of both finance and national security, explains everything we need to know about this growing global standoff. He takes readers around the world and behind closed doors to explain complex financial and political currents with absorbing firsthand anecdotes.

About the Author

James Rickards is a seasoned counselor, investment banker, and risk manager. He advises the Department of Defense, the CIA, and the director of national intelligence on global finance. A frequent guest on CNN, Fox, C-SPAN, CNBC, Bloomberg TV, and NPR, Rickards also lectures at Northwestern University and the School of Advanced International Studies.

What Our Readers Are Saying

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Average customer rating based on 1 comment:

EEngineer, November 20, 2011 (view all comments by EEngineer)
From my review at calculatedrisk:
---------
Overall a very concise overview of where the world financial system currently stands and where it is likely headed. Two thumbs up.

Given the author's history it's not surprising that he was invited to participate in financial war games. What is so intriguing is that it almost seems that some elements in TPTB not only "get it", but appear to have actually asked him to publicize the event in an effort wake up the rest of the establishment. One can hope they are successful. I plan on giving the book to family and friends this Christmas to spread awareness where I can.

The book itself has few surprises for the regular CR crowd that has been here watching the play-by-play of this train wreck since the early housing bubble days. What it does have is the tightness of Tanta's Ubernerd essays that make the material accessible to the layman. If I had to find a shortcoming I would say chapter 3 needs a dozen more pages on the front end to take the history of money back farther than the late 19th century. The average person simply has no understanding of what fiat currency or fractional reserve banking is or means. I think that would "compleat" the primer and give the newbie the frame of reference needed to understand the big picture more easily. Minor quibble...

One issue not addressed is the isolation of the Chinese financial system. I tend to think that is intended as a feature of the Chinese system and not a bug. I ponder whether this currency war is a public vs private banking system conflict and if the PBOC has decided to quarantine themselves until the private (western) system collapses?
Was this comment helpful? | Yes | No
(1 of 1 readers found this comment helpful)

Product Details

ISBN:
9781591844495
Author:
Rickards, James
Publisher:
Portfolio
Subject:
Government & Business
Subject:
Business Writing
Subject:
Business-Accounting and Finance
Subject:
Money & Monetary Policy
Edition Description:
Trade paper
Publication Date:
20111131
Binding:
HARDCOVER
Grade Level:
from 12
Language:
English
Illustrations:
Charts and graphs t/o
Pages:
320
Dimensions:
9 x 6 in 1 lb
Age Level:
from 18

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Related Subjects

Business » Accounting and Finance
History and Social Science » Economics » General
History and Social Science » Economics » Global Economics
History and Social Science » Politics » United States » Foreign Policy

Currency Wars: The Making of the Next Global Crisis Used Hardcover
0 stars - 0 reviews
$16.95 In Stock
Product details 320 pages Portfolio - English 9781591844495 Reviews:
"Publishers Weekly Review" by , "In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, 'Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves.' He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
"Synopsis" by ,
The sequel to national bestseller Currency Wars predicts the next collapse of theand#160;monetary system and shows investors how to survive it

The international monetary system collapsed three times in the past hundred yearsand#151;in 1914, 1939, and 1971and#151;and the next collapse is already in sight. This time the dollar wonand#8217;t save us. In fact, the dollar itself will be the cause of the crisis.

Central bankers and the head of the IMF candidly admit that monetary policy is in unchartered waters. The world is witnessing no less than a global money experiment. Savers, investors, and everyday citizens are the guinea pigs in the central bankersand#8217; laboratory.

Bestselling author James Rickards explains why money and wealth have now become separated. Money is transitory, ephemeral, and may soon be worthless if central bankers continue on their current path. Wealth is permanent, tangible, and has real value worldwide. Gold, fine art, and land are forms of wealth. Investors who convert paper money into real wealth will survive the coming monetary maelstrom. But those who do not will lose what they have.

Rickards illuminates the death of money unfolding before our eyes, and helps readers prepare before itand#8217;s too late.

and#147; Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.and#8221; and#151;and#160;Fort Worth Star-Telegram

and#147; One of the scariest books Iand#8217;ve read this year . . . The picture that emerges is dark yet comprehensive and satisfying.and#8221; and#151;and#160;Bloomberg BusinessWeek

and#147;One of the most urgent books of the fall.and#8221; and#151; Politico

"Synopsis" by , How the worldwide currency war, already under way, will soon affect us all.

The debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are unmistakable signs that we are experiencing the start of a new currency war. Fought as a series of competitive devaluations of one country's currency against others, currency wars are one of the most destructive and feared outcomes in international economics. Left unchecked, the new currency wars could lead to a crisis worse than the panic of 2008.

Drawing on a mix of economic history, network science, and sociology, Currency Wars provides a rich understanding of the increasing threats to U.S. national security, from dollar devaluation to collapse in the European periphery, failed states in Africa, Chinese neomercantilism, Russian adventurism, and the current scramble for gold.

James Rickards, an expert who has worked at the highest levels of both finance and national security, explains everything we need to know about this growing global standoff. He takes readers around the world and behind closed doors to explain complex financial and political currents with absorbing firsthand anecdotes.

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